Bill Gates's Dismal Prediction About the Fate of Oil Companies

 


To anticipate climate change and global warming which has become a hot issue, alternative fuel oil has begun to be launched. So Bill Gates predicts that the giant oil companies will slowly lose their relevance in the future.

Gates has been keen to anticipate climate change. According to him, the oil giants who dominated for about a century, could run into problems in the future.


"Some of those giants are going to fall. You know, 30 years from now, some of those oil companies are going to be very small," Gates said at the recent COP26 event.


The Microsoft founder is passionate about moving the world to renewable energy and he also invests in 'green' companies. In fact, he assessed that nuclear resources would be reliable even though some considered them dangerous.


It is true that for at least the last five years, the share prices of oil companies such as ExxonMobil, BP and Royal Dutch Shell have fallen. Moreover, there is the Corona pandemic which makes the demand for fuel oil decrease.


ExxonMobile, the largest US oil and gas company, lost $20 billion last year. However, they are still a very large company with a market value of around USD 275 billion.


On the other hand, according to Bill Gates, actually oil companies can easily make a business transition from fuel to clean energy sources. One example is by promoting low carbon hydrogen.


"We have pipeline infrastructure in the United States that could possibly be converted to transmit hydrogen," said Bill Gates.

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